Exhibit 23 INDEPENDENT AUDITORS' CONSENT ----------------------------- THE BOARD OF DIRECTORS CAPITAL ASSOCIATES, INC.: We consent to incorporation by reference in the registration statements on Form S-8 (No. 33-59570 and No. 33- 68514) and Form S-3 (No. 33-65059) of Capital Associates, Inc. of our reports dated July 14, 1998, relating to the consolidated balance sheets of Capital Associates, Inc. and subsidiaries as of May 31, 1998 and 1997, and the related consolidated statements of income, changes in stockholders' equity, and cash flows for each of the years in the three- year period ended May 31, 1998, and the related schedule, which reports appear in the May 31, 1998 Annual Report on Form 10-K of Capital Associates, Inc. KPMG Peat Marwick LLP /s/KPMG Peat Marwick LLP ------------------------- Denver, Colorado July 22, 1998